MPC Marathon Petroleum Corp

Overview and Growth

Marathon Petroleum Corp generated $132.70B of revenue in fiscal 2025, with net income of $4.05B and an operating cash inflow of $8.25B. At $132.70B, the top line establishes the operating scale supporting the company’s profit and cash-flow profile. Revenue was 4.4% below fiscal 2024 revenue of $138.86B, marking a top-line contraction. On a per-share basis, diluted EPS was $13.22, which connects the reported earnings outcome with the company’s diluted share count. Diluted EPS increased by 31.2% from $10.08 in fiscal 2024, showing how the earnings change reached shareholders on a per-share basis. The revenue-to-assets relationship was 1.58x, showing the sales generated relative to the resources carried on the balance sheet.

Profitability

Gross profit was $13.25B, representing the portion of revenue remaining after the reported cost of revenue and before operating expenses. Gross margin was 10.0%, so that share of each revenue unit remained after the cost of revenue reported for the period. The reported operating result was $8.29B, capturing profitability after direct costs and the operating expenses reflected in the statements. Relative to revenue, operating income represented 6.2%, showing how efficiently sales converted into operating profit. Net income came to $4.05B, completing the progression from revenue through gross and operating profitability to the final reported result. Measured against reported revenue, net income produced a 3.0% margin after operating costs and the remaining recognized items. The earnings statement records $7.01B of pretax income, the profit base against which the reported tax provision can be assessed. The pretax margin was 5.3%, relating income before taxes directly to revenue. The company recognized $1.14B of income tax for the period, completing the transition from pretax income to net income. The income-tax provision equaled 16.2% of pretax income, showing the tax burden absorbed by the year’s earnings. The relationship between net income and period-end equity was 16.8%, indicating the profitability achieved on book capital. Net income represented 4.8% of period-end assets, placing the company’s bottom-line result against the total resource base employed.

Liquidity and Capital Structure

The company held $83.95B of assets against $59.87B of liabilities and $24.09B of equity, revealing how the asset base was financed. At period end, current assets of $24.78B compared with current liabilities of $19.68B, defining the company’s short-term resource position. At 1.26x, the current ratio shows that short-term assets were greater than short-term liabilities at period end. The company held $3.67B in cash and equivalents, a narrower liquidity measure than total current assets. Measured only with cash and equivalents, coverage of current liabilities was 18.7%, excluding receivables and other current assets. The liabilities-to-assets relationship was 71.3%, placing reported obligations against the full positive asset balance. The cash-to-assets relationship was 4.4%, comparing reported cash and equivalents with the full positive asset balance. Compared with $78.86B in fiscal 2024, the current asset base moved 6.5% and finished higher.

Cash Flow and Earnings Quality

Cash flow from operations was $8.25B, a reported cash inflow that can be compared directly with net income and capital spending. The operating-cash-flow-to-net-income relationship was 2.04x, comparing cash generated by operations with the bottom-line earnings result. Capital expenditures used $3.49B, identifying the reported investment outflow deducted from operating cash flow in the free-cash-flow calculation. Capital expenditures represented 42.2% of operating cash flow, leaving the remainder available as free cash flow. After capital spending, free cash flow was $4.77B, leaving cash available for debt reduction, shareholder returns, or further investment. Relative to revenue, free cash flow equaled 3.6%, showing how much sales converted into cash after investment. The free-cash-flow-to-assets relationship was 5.7%, comparing post-investment cash with the balance-sheet asset base.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Oct 21, 2026.